Sell Your Home To Buy A Cheaper One

This article in the How To Live Totally Free series is for my homeowners: Sell your home to buy a cheaper one. Yes, that’s a bold statement but allow to explain my reasoning.

Sell Your Home To Buy A Cheaper One In A Lower-Cost Of Living Area

If you live in a desirable area your properly value is most likely high. Especially if you live in Florida, Texas, Georgia, North Carolina, and Arizona. You could sell your house for a high price, even now as the market softens. That’s what I did, not because I wanted to take advantage of the market but because I needed to move home to help family. It just everything fell together at the right time. I sold my townhome in the suburbs of Atlanta and moved back to my hometown.

My hometown has a much lower cost-of-living than Atlanta because it’s not seeing the large numbers of new inhabitants. So my money goes farther here. I won’t get into exact particulars but I went from a 2 bedroom, 1.5 bathroom townhouse around 1100 square feet to a 3 bedroom, 2 bathroom single-family house that’s a little over 1400 square feet. Plus, I got a huge front and back yard with a shed.

Now you see this option requires moving. You may be able to stay in the same city and get a cheaper house but most likely you will have to move cities to save money. I know this is hard for many, especially because you may like your current location. However, this plan requires extensive sacrifices. If you want to take back your time and live completely according to your plans and not someone else’s then you have to move.

The Downside To This Option

There are downsides to sell your home to buy a cheaper one. The biggest is that it will be difficult to get a cheaper house, even if you move to a different city. It took me about four months to buy a house because of the competition. Heck, it took me nearly two weeks upon starting my house search to find a house I liked enough to put an offer in. Luckily enough I lived with a family member during all of this but you may not be so lucky. You may have a rent an apartment until you can find another house. And with the high cost of rent currently that will eat into your profits.

Even if you can find a cheaper house quickly it may need repairs. So you will have to move in and do repairs which can be tough. Or live somewhere else and hire a contractor. Again, this can get eat into your profits.

Whatever decision you may you want to pick one that won’t reduce the proceeds of selling your home quickly. If you can live with a family member or a friend while searching then do so. Pay them some money for their kindness, however. If you have to rent consider renting a place month-to-month or moving into an AirBnB.

If you miss any of the posts of the How To Live Totally Free series you can find all the posts here.

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